Taking the right steps to get your business ready for sale can substantially improve your prospects for a successful sale. For many business owners, selling the company after years of pouring every effort into growing the company can be emotionally challenging. That’s why it pays to structure a plan to prepare for the sale. Remember, it’s important to use the same care and patience in selling your company that you demonstrated in growing it. What important steps are needed to prepare your company for sale?

Determine Your Business’s Actual Worth. There are a lot of formulas for valuing a business. Potential buyers may base their purchase offer in large part on the value of the company’s assets, cash flow, revenues, growth history and other factors. The sale price generally depends on profits and, in most cases, the sale price is some multiple of the businesses profit. Valuations can be obtained from a number of sources including a certified business intermediary.

Be Sure Your Records Are Up to Date. You want all of your hard work to pay off in the sale, so be sure you have current, detailed records that provide an audited assessment of the company’s financial position and future projections.

Remember That Your Staff Is an Important Asset. The loss of key employees during a sale can kill the deal. Key employees may be crucial to the ongoing success of the company. Assess which employees are prepared to stay with the company through the transition.

Assemble a Team of Experts. No matter how independent you are, the sale of a business isn’t something to handle on your own. A business intermediary will take some of the load off your shoulders so you can spend time running the business when it’s needed most. Keep in mind that the sales performance of the company during the time it’s on the market is crucial, so working with a qualified business intermediary to sell your business will allow you to focus on the ongoing operation of the company. Business intermediaries know the ins and outs of mergers and acquisitions and take pride in what they do.

Always remember that selling a business is a one-time event. Preparation is a key to a successful sale. Be sure you understand the process involved.